This November Colorado voters have the opportunity to cast a vote on taxation issues. One of these issues is Proposition HH, which provides property tax relief while maintaining support for important local services.
Proposition HH is in line with AARP Colorado’s longstanding efforts to reduce property taxes in an equitable and cost-effective way, especially for older residents living on set incomes. For this reason, AARP Colorado has decided to support this measure.
Here are three key reasons AARP Colorado believes Proposition HH will benefit Coloradans 50+:
- Property Tax Relief: The majority (83%) of our Colorado members are homeowners. We know that many of you have concerns about rising property taxes. Property taxes are among the most burdensome to absorb, particularly for lower income older individuals and their families, and can interfere with the ability of our residents to age in their own homes and communities.
Proposition HH is a step toward reducing property taxes, helping older Coloradans maintain financial security in retirement, and making it easier for older residents to stay in Colorado and age in their own homes and communities.
- Homestead Exemption Portability: Proposition HH would allow all homeowners to deduct $50,000 this year from the assessed value of their home and $40,000 in future years. Homeowners 65 and older who qualify for the Colorado Senior Homestead Exemption would be able to deduct $150,000 this year and $140,000 in future years. These deductions would lower the amount of property taxes owed by all homeowners, but especially provide relief to homeowners with low- and moderate-valued properties. Moreover, if voters approve Proposition HH, Colorado’s Senior Homestead Exemption becomes portable. In other words, eligible homeowners will be able to continue using their homestead exemption even if they move into a new home.
- Services for Coloradans: AARP Colorado also supports Proposition HH because it takes steps to ensure that local governments have the necessary revenue to continue providing essential services and programs to all Coloradans, including older adults. Additionally, Proposition HH allocates $20 million to renters’ assistance. Should this measure pass in November, AARP Colorado plans to work with policymakers to ensure these funds are used to improve housing stability, equity, and long-term financial security for Colorado renters, especially for aging Coloradans on limited, inflexible incomes.
Are you registered to Vote for the November 7th election?
No or not sure? We urge all AARP members to be sure they are registered to vote and to verify their voter details. Click here* to register or verify your voter details.
Please watch for upcoming education opportunities regarding Proposition HH. Click here* for more information or questions on the campaign.